Financial Planning for Retirees: Balancing Family Support and Personal Savings (Ep. 29)
Is it possible to financially help your adult children without jeopardizing your retirement? The short answer is yes, you can. But what financial boundaries need to be set?
In this episode, David is joined by guest Mike Smith to dive into the intricacies of supporting adult children financially. They discuss the impact on your retirement savings, when parental support may be beneficial, and how to set up clear financial boundaries. Plus, David and Mike offer practical steps to empower your children to take charge of their financial independence without compromising your own stability for retirement.
David and Mike discuss:
- (01:17) Balancing support for adult children without impacting personal savings
- (05:45) Benefits of Helping with a Down Payment
- (09:08) Roth IRA Contributions for Young Adults
- (11:04) Navigating gift tax rules when offering financial help
- (15:18) Setting Financial Boundaries with Adult Children
- And more
Through this enlightening discussion, listen as they unfold valuable insights on maintaining financial stability while supporting the next generation.
Resources:
Connect with David Koren:
Connect with Mike Smith:
- RVA Wealth Management
- LinkedIn: Michael Smith
- mike@rvawm.com
- (804) 622-1728
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